TIDMDWHT
RNS Number : 5045X
Dewhurst Group PLC
21 December 2023
Dewhurst Group Plc
("Dewhurst" or the "Group")
Preliminary Results for the year ended 30 September 2023
Chairman's Statement
Results
Group sales for the year to 30 September 2023 marginally
increased 0.7% to GBP58.0 million (2022: GBP57.6 million). Adjusted
operating profit is lower but profit before tax has recovered from
last year's result, which was affected by cyber attack remediation
costs. Adjusted operating profit was GBP7.8 million (2022: GBP8.8
million before cyber attack remediation costs) and profit before
tax was GBP8.1 million (2022: GBP7.2 million). Earnings per share
increased 4.1% to 62.45p (2022: 60.00p).
Although reported sales were slightly up overall, the sales
performance varied greatly across the divisions and companies.
Transport and Highways grew 10% although there were swings within
the division in that rail infrastructure work fell back while
highways grew strongly. Keypad sales suffered a severe drop due to
our main customer carrying out substantial destocking prior to a
planned split of the company into two entities. The Lift division
improved 4% with stronger sales in the UK and particularly North
America, although this was offset by lower sales in Australia. This
was the same pattern of change as the previous year. Currency
movements had little impact on the reported sales overall. Although
there were significant movements in currencies over the year, the
average rates on our most used currencies varied by less than 5%
with a weaker Australian dollar partially offset by a stronger US
dollar.
We are proposing an increase in our final dividend of 0.75p,
making a total increase of 1.00p for the year. If approved, this
would result in a total dividend for 2023 of 15.75p per share which
is 6.8% up on 2022.
Operations and People
The economic conditions over the past year of high levels of
inflation and rapidly increasing interest rates have created a less
stable and benign financial environment than we have all been used
to. Against this volatile backdrop several of our companies have
achieved record results and I would like to extend my thanks to our
staff in these companies for their excellent contributions, as well
as to our colleagues in other businesses who have faced their
particular challenges with determination and resolve.
There is no question that the pandemic challenged our ability to
maintain the communication and level of engagement with our staff
we would have liked. In the aftermath of the pandemic and in common
with many companies we saw employee turnover rates increase. John
Bailey, in his new role as CEO, has introduced a number of
initiatives which should assist us in our goal of growing employee
satisfaction and improving retention. Having our staff fully
engaged is fundamental to our ability to support our customers in
the way we would like and to our overall performance as a
business.
The rapid and escalating increases in costs of material and
components have abated somewhat during this year. However the
expiry of the last of our fixed energy contracts in the UK during
the first half meant we have felt the full impact of energy cost
escalation over the last twelve months. In addition, wage and
salary costs have increased more this year than last to mitigate
cost of living increases and to ensure we can recruit and retain
the staff the business needs.
Investment
We have expended considerable management resources exploring
opportunities to invest for growth this year. In June we announced
agreement with Avire to take on their E-motive lift display brand,
IP and products. These products will allow us to extend the range
of Dewhurst Group branded products we can offer our customers. Our
team has worked hard to set up manufacturing of the range; that is
now underway and the products are available for our customers to
order. The team and our suppliers have done a great job getting
everything set up as quickly as possible. Our management and
development of these products will be located in Singapore where a
new subsidiary has been established.
We have invested more time, energy and funds in IT following
2022's cyber attack. No system is completely impervious, but we
have worked hard to increase our resilience to any further attempt
to compromise our systems. At the same time we have put additional
investment into systems to improve our customer service and our own
efficiency. An example of this is our continued development of
A&A's E-commerce with the introduction of delivery
tracking.
It is encouraging to be able to report the installation of solar
panel systems at two more of the Group's properties during the
year. More details are set out in the Sustainability report.
Outlook
Group sales have started the year slightly up on last year and
in line with our expectations. Lift product demand in all regions
currently seems to be holding up reasonably well. On keypads it
appears our major customer has completed its de-stocking program
and current demand seems a little more stable than the volatile
demand last year. Highways and transport products should continue
their steady improvement.
We are carefully monitoring cost increases at all companies and
are now in a better position to respond more quickly to any
increases that occur. Where possible contracts have been adjusted
to allow for material cost changes, but there will still be some
medium term contracts where prices are fixed.
Our key objective for the immediate future is to capitalise on
the opportunities afforded by our acquisition of the E-motive
display range. This means we will need to invest in engineering
development of the products, in stock and in ensuring the
manufacturing process is robust and meets our quality
standards.
Our strong balance sheet allows the Group to continue to explore
other opportunities to deploy its cash resources.
Richard Dewhurst
Chairman
Strategic Report
Business Review
The Group's principal activity in the year continued to be the
manufacture of electrical components and control equipment for
industrial and commercial capital goods. The Group maintained its
position as a speciality supplier of equipment to lift, transport
and keypad sectors. A business review of the Group's operations is
dealt with below in operating highlights, in the Chairman's
statement and in the Financial review.
Key Performance Indicators
The Directors believe that the key financial performance
indicators relevant to the Group are earnings per share, adjusted
operating profit, profit before tax and return on equity. The key
non-financial performance indicators relevant to the Group are
on-time deliveries to our customers and those relating to our
sustainability commitments.
Operating Highlights
The transition in leadership was well planned and executed and
continues to be well supported. The first year has seen significant
progress in many of our key objectives.
We have developed our mission, vision and values as well as
seeking to engender a positive mindset amongst our global
leadership teams as we position the Group for growth.
Conditions in the markets in which we operate have in general
have been relatively stable despite the turbulent geopolitical and
economic backdrop. However there have been particular challenges in
both our Keypads market and our Australian lift interior businesses
which have distorted an otherwise positive performance with several
business registering record results.
We have focussed heavily this year on People, IT and operational
efficiencies as we seek to improve our business resilience and
position the Group and our individual businesses for growth. Our
first ever companywide staff survey was conducted towards the end
of the financial year and the results shared with the leadership
teams across all our businesses.
We have identified the key areas for improvement which, along
with the results of our survey, will help shape our People
strategy.
Although there has been a reduction in the volume and level of
cost increases during the latter half of the year, price pressure
remains a constant threat. We have worked hard to mitigate the
impact through various initiatives including increasing prices more
promptly in response to cost increases as and when market
conditions allow . The improvement in our operational efficiency
has helped reduce our costs whilst enhancing our competitive
advantage. We remain committed to our Customer First philosophy and
continue to strive to provide the most reliable and efficient
service possible to our customers.
We secured the exclusive rights to the E-Motive brand and range
of displays and position indicators toward the end of the financial
year and the team have worked incredibly hard in setting up our new
entity based in Singapore. This is an exciting opportunity for
Dewhurst Group and one that will require us to invest further in
several areas of the business in order to meet our growth
objectives.
Despite the challenges of a geographically diverse Group it has
been my pleasure to meet all of our people in person throughout
this year and I would like to join the Chairman in thanking them
all for their hard work and support during the year.
UNITED KINGDOM
Dewhurst Limited
The fall in sales and profit versus last year is partly
attributable to a drop off in demand for keypad and rail products
but also the timing of a price increase which pulled forward demand
and profit from 2023 into 2022.
The appointment of Nick George as Operations Director has
brought greater focus to our manufacturing processes and
procedures, but our commercial resource was stretched in the second
half of the financial year as a result of taking on the E-Motive
brand. Inevitably this has slowed our progression on operational
efficiencies.
We have moved to address this with the appointment of a new
Commercial Manager at the start of the new financial year. This
appointment has allowed Peter Dewhurst to take on direct
responsibility for our Displays business as well as continue in his
current role as Commercial Director for Dewhurst.
Despite these challenges lift fixtures performed strongly with
some prestigious projects being secured which demanded some hugely
impressive designs and finishes.
We have continued our commitment to reduce the environmental
impact of our manufacturing processes and have been able to
increase the proportion of recycled plastic in our mouldings whilst
maintaining quality and performance.
The launch of our XR pushbutton range which offers improved
resistance to chemical attack has been well received as has the
introduction of our new Weatherproof buttons which were launched
during the year. Further product launches are planned for 2024.
At the beginning of the financial year Nigel Green our hugely
experienced and valued production planning manager sadly passed
away. Nigel's untimely passing, a few years short of retirement,
was a shock to everyone within the Group.
Traffic Management Products (TMP)
Despite the continued uncertainty around local authority
spending, sales showed a significant improvement on the previous
year.
Given that there has been very little spending activity since
the first phase of the Government's Active Travel Fund trial cycle
schemes some two years ago it was pleasing to see all product
sectors perform strongly.
Traffic bollards continue to attract strong demand both in the
UK and export markets. Signlights, in particular, saw strong growth
in the year supported, in part, by our continued focus on
sustainability. We have extended the use of bio-polymers on certain
product ranges and are seeing more attention being paid to our ESG
credentials by main contractors and local authorities.
Good progress has also been made on our operational efficiencies
which has helped streamline our manufacturing operation and is
facilitating the cross skilling of our production team.
A&A Electrical Distributors (A&A)
Following the successful transition of senior leadership at the
beginning of the financial year A&A saw both sales and margin
growth.
The latest tranche of continuous improvement initiatives
throughout all areas of the business focussed attention on
increased efficiency and customer service which in turn has
improved profitability.
A&A have continued to progress their sustainability
commitments, reducing waste and their overall impact on the
environment. A&A achieved ISO14001 accreditation during the
year.
Our E-Commerce platform is now being used by many customers as
well as our own Internal Sales Engineers (ISE) which is helping to
accelerate uptake. Further development has seen the launch of
A&A's driver delivery app which automatically maps the most
efficient delivery route. The proof of delivery and associated
delivery information is immediately uploaded to the Ecommerce
platform allowing customers prompt access to the information.
There are further enhancements currently being trialled, which
we expect to launch during 2024. The continued investment in
technology has supported significant operational efficiency
improvements some of which are now being trialled at Lift
Material.
As a result of the landline telephone network switch from
analogue to digital technology (Voice over Internet Protocol:
VoIP), A&A have introduced GSM gateways to their range and have
seen strong sales. These products facilitate the transmission of
lift emergency call and text messages over the mobile phone
network. New product development and range extension remains a key
part of A&A's strategy.
EUROPE
Dewhurst Hungary
Following somewhat of a resurgence in the use of cash following
the pandemic, sales were significantly impacted by our major
customer's restructuring of their business into two separately
traded entities of digital commerce and ATMs as well as a
significant change in their manufacturing locations. As a result we
have restructured our business to reflect the reduced demand for
ATMs whilst exploring additional manufacturing opportunities.
NORTH AMERICA
Dupar Controls
Despite supply and lead time challenges within our supply chain
we have seen further strong sales and profit growth at Dupar
resulting in a second consecutive year of record sales and
profit.
The move to our new facility a little over 18 months ago
provided the opportunity to implement a new layout and new
workflows, but is pleasing to see the team continue to drive
improvement whilst managing the increased demand.
At the end of the financial year, we took delivery of our latest
new machine, an automatic stud welder. The equipment has now been
commissioned and the transition from manual stud welding, where
possible, is underway.
Recruitment continues to be a challenge at Dupar. This has been
somewhat offset by the process efficiency improvements, but remains
a key area of focus.
Elevator Research & Manufacturing (ERM)
Our continued focus on process controls, margin improvement and
customer engagement at ERM helped to deliver a double-digit sales
increase as well as a significant improvement in profitability.
Having sustained our position within our immediate market we are
now seeking to expand our success within the wider California
market which will be supported by our celebration of ERM's 60(th)
anniversary in 2024.
AUSTRALIA & ASIA
Australian Lift Components (ALC)
Sales grew marginally at ALC although market conditions have
remained challenging. The lack of new projects and the continued
drive by the major lift companies to procure product through their
own factories has reduced our available market.
We have been successful in winning some projects for special
material, but we need to improve our market share by the
introduction of new products and positive differentiation.
P&R Lift Cars (P&R)
Performance at P&R fell for a second year running fuelled in
part by fewer new projects but also as a result of increased
competition. As a consequence price pressure has had a significant
impact and remains a key challenge.
During the second half of the year we saw positive signs of
increasing activity and managed to secure some decent orders.
Whilst it is difficult to manage the peaks and troughs it is
important that we continue to make improvements in our operational
efficiency as we seek to build better resilience and competitive
advantage.
Lift Material
A third consecutive year of record sales and profit as a result
of strong product sales and service work across all product
sectors. We have worked hard on both customer and supplier
engagement throughout the year which has provided further
opportunities to extend Lift Material's product range as well as
increased sales opportunities.
We have made significant improvements in our reduction and reuse
of packaging waste and the installation of solar panels on our roof
will help offset increased energy costs as well as meeting our
sustainability objectives. The focus remains on continuing to
improve our operational efficiency to support profitable sales
growth.
Dual
We replaced the Managing Director at Dual at the start of the
financial year and developed a plan to make the business more
sustainable for the long term. Sales, as expected, were lower than
last year's record. Profit, although lower than the previous year,
exceeded expectation as we undertook the necessary improvements
throughout the business.
We successfully recruited into the key roles with the team
working incredibly hard throughout the year to meet both customer
requirements as well as our improvement objectives. The
transformation across all areas of Dual has improved efficiency,
safety, accountability and morale. With increased project
opportunities secured in recent months we are well positioned to
deliver improved profitability as a result.
Dewhurst Hong Kong
Once again, Dewhurst Hong Kong achieved double digit sales and
profit growth setting a new record for the year. The easing of
travel restrictions during the second half of the year has allowed
Feona Lai to visit customers as well as attend the Dewhurst Group
forum in October. I have also been able to visit the team in the
Hong Kong and thank them for their continued hard work in
person.
The success of the business has been built on the sales of our
pushbutton range and selected distributed products. The
introduction of a new rope gripper is awaiting approval by the
relevant authority in Hong Kong and we shall consider the addition
of new product ranges without detracting from our focus on our core
pushbutton sales.
Dewhurst Singapore
Dewhurst Singapore is the newest addition to Dewhurst Group
having secured the exclusive rights to the E-Motive brand with its
range of displays and position indicators towards the end of the
financial year.
We have worked quickly to set up our new entity based in
Singapore. Despite the challenges faced with scaling up new
manufacturing and administration facilities we have made good
progress. The addition of this new business supports our global
growth objectives and our commitment to supplying our customers
with innovative quality products.
John Bailey
Chief Executive Officer
Financial Review
Trading Results
The Group continued its upward trend with a modest 0.7% increase
in total sales to GBP58.0 million (2022: GBP57.6 million). Lift
sales overall increased 4% due to strong UK and North America sales
for a second year running at A&A and Dupar Controls, along with
double digit growth in lift distribution sales at Lift Material and
Dewhurst Hong Kong. These increases were offset by a tough year in
Australian lift interiors, particularly at P&R who continued to
experience construction project delays, outside of their control.
It is pleasing to see these projects now starting. Dual who
delivered a record year of interior sales in 2022, returned to more
normal levels. Transport sales increased 10% through TMP delivering
award winning ESG products and great service but unfortunately
Keypad demand continues to fluctuate and whilst seeing a 16%
increase last year, we reported a 37% decrease in sales in
2023.
With increasing inflation impacting labour costs throughout the
year it was pleasing to see the hard work in procurement deliver a
1.8% direct material cost reduction across the Group. Overall
operating profit increased 6.2% to GBP7.8 million (2022: GBP7.3
million) and profit before taxation increased 12.8% to GBP8.1
million (2022: GBP7.2 million).
Adjusted operating profit decreased by 12.1% to GBP7.8 million
(2022: GBP8.8 million before cyber attack remediation costs).
Although a significant proportion of the Group's revenue and
profits are generated and held in foreign currency, the foreign
exchange retranslation impact on the reporting performance of the
Group this year decreased both like-for-like revenue and profit
before tax by under 1% (2022: an increase of 2% each).
Strong Cash Position
The subsidiaries continued to trade throughout 2023 without the
need for Group cash support, and paid dividends back to Group
totalling GBP7.9 million. GBP6.4 million of this cash was generated
from operating activities during the year and as a result Group
cash is strong. Further details can be seen from the consolidated
cash flow statement.
During the year, the Group spent GBP0.8 million on the purchase
of property, plant and equipment and the first of two GBP0.4
million payments to secure the exclusive rights to the E-Motive
brand and all products within the E-Motive range. The second GBP0.4
million payment will be made in January 2024.
The Group started and ended the year without any bank
borrowings. The cash balance at year end was GBP24.4 million, up
GBP2.6 million from GBP21.8 million in 2022.
Pension Scheme Deficit
The Company paid a total of GBP1.6 million deficit reduction
contributions into the pension scheme this year and despite this
the scheme deficit still increased by GBP0.3 million to GBP2.1
million (2022: GBP1.8 million).
The main reason for the increase was an underperformance of the
pension scheme assets, which was partially offset by the liability
discount rate increasing from 5.25% to 5.50% at the year-end and
increased mortality rates. Recent increases in mortality rates were
initially associated with Covid-19, but unfortunately these are now
being sustained primarily due to other causes. As a result the
changes are being reflected in actuarial rates for future
expectations of life expectancy.
All recommendations made by the scheme's actuary to eliminate
the scheme deficit within an agreed timeframe have been fully
implemented.
Capital Management And Treasury Policy
The Group defines capital as total equity plus net debt. The
objective is to maintain a strong and efficient capital base to
support the Group's strategic objectives, provide optimal returns
for shareholders and safeguard the Group's assets and status as a
going concern. The Group is not subject to externally imposed
capital requirements and the Group's philosophy is to have minimal
or no borrowing where possible.
The Group seeks to reduce or eliminate financial risk to ensure
sufficient liquidity is available to meet foreseeable needs and to
invest cash assets safely and profitably. The policies and
procedures operated are regularly reviewed and approved by the
Board. By varying the duration of its fixed and floating cash
deposits, the Group maximises the return on interest earned.
The Group continues to hedge foreign currencies internally where
possible and did not use derivatives during the year in the form of
foreign exchange contracts to manage its currency risk.
Dividends
The Board is proposing a final dividend of 11.00p (2022:
10.25p). If approved, this would be paid on 26 February 2024 and
would result in a total dividend for 2023 of 15.75p per share which
is 6.8% up on 2022 and is covered 4.1 times by earnings. The
dividend would be paid to members on the register at 19 January
2024 (ex-dividend 18 January 2024). Dividends are accounted for
when paid or approved by shareholders, and not when proposed,
therefore the proposed final dividend for 2023 has not been accrued
at the end of the reporting period.
Jared Sinclair
Chief Financial Officer
Consolidated statement of comprehensive income
For the year ended 30 September 2023
--------------------------------------------------------------------------------------
2023 2022
GBP(000) GBP(000)
-------- ---------- ----------
Continuing operations
Revenue 57,962 57,565
Operating costs (50,212) (50,269)
---------------------------------------------- -------- ---------- ----------
Adjusted operating profit* 7,750 8,818
Cyber attack remediation costs - (1,522)
----------
Operating profit 7,750 7,296
Finance income 494 64
Finance costs (156) (191)
-------------------------------------------------------- ---------- ----------
Profit before taxation 8,088 7,169
Taxation (2,966) (2,051)
---------------------------------------------- -------- ---------- ----------
Profit for the period 5,122 5,118
---------------------------------------------- -------- ---------- ----------
Other comprehensive income:
Actuarial gains/(losses) on the defined benefit
pension scheme (1,896) 1,887
Deferred tax effect 474 (472)
Tax on items taken directly to equity 348 200
------------------------------------------------------ -------- -------
Total that will not be subsequently reclassified
to income statement (1,074) 1,615
Exchange differences on translation of foreign
operations (3,544) 3,563
Total that may be subsequently reclassified
to income statement (3,544) 3,563
------------------------------------------------------ -------- -------
Other comprehensive income/(expense) for the
year, net of tax (4,618) 5,178
------------------------------------------------------ -------- -------
Total comprehensive income for the year 504 10,296
------------------------------------------------------ -------- -------
Profit for the year attributable to:
Equity Shareholders of the Company 5,037 4,849
Non-controlling interests 85 269
------------------------------------------------------ -------- -------
5,122 5,118
------------------------------------------------------ -------- -------
Total comprehensive income for the year attributable
to:
Equity Shareholders of the Company 623 9,867
Non-controlling interests (119) 429
------------------------------------------------------ -------- -------
504 10,296
------------------------------------------------------ -------- -------
Basic and diluted earnings per share 62.45p 60.00p
Basic and diluted earnings per share
- continuing operations 62.45p 60.00p
--------------------------------------- ------- -------
* Operating profit before amortisation of acquired intangibles,
profit on sale of property and cyber attack remediation costs
Consolidated statement of financial position
At 30 September 2023
--------------------------------------------------------
2023 2022
GBP(000) GBP(000)
------------------------------- --------- ---------
Non-current assets
Goodwill 9,516 10,105
Other intangibles 389 19
Property, plant and equipment 17,443 19,147
Right-of-use assets 2,426 2,473
Deferred tax asset 54 118
29,828 31,862
Current assets
Inventories 8,337 7,931
Trade and other receivables 10,182 12,318
Current tax asset - 281
Cash and cash equivalents 24,374 21,764
---------------------------------- --------- ---------
42,893 42,294
------------------------------- --------- ---------
Total assets 72,721 74,156
---------------------------------- --------- ---------
Current liabilities
Trade and other payables 6,899 7,783
Current tax liabilities 578 -
Short-term provisions 158 344
Lease liabilities 719 505
---------------------------------- --------- ---------
8,354 8,632
Non-current liabilities
Retirement benefit obligation 2,112 1,798
Lease liabilities 1,938 2,193
---------------------------------- --------- ---------
Total liabilities 12,404 12,623
Net assets 60,317 61,533
---------------------------------- --------- ---------
Equity
Share capital 802 808
Share premium account 157 157
Capital redemption reserve 335 329
Translation reserve 1,725 5,065
Retained earnings 55,916 53,525
---------------------------------- --------- ---------
Total attributable to
equity Shareholders of
the Company 58,935 59,884
---------------------------------- --------- ---------
Non-controlling interests 1,382 1,649
---------------------------------- --------- ---------
Total equity 60,317 61,533
---------------------------------- --------- ---------
The financial statements were approved by the Board of Directors
and authorised for issue on 21 December 2023 and were signed on its
behalf by:
Richard Dewhurst Chairman
Jared Sinclair Chief Financial Officer
Company Registration Number: 160314
Consolidated statement of changes in equity
For the year ended 30 September 2023
Share Share Capital Translation Retained Non Total
capital premium redemption reserve earnings controlling equity
account reserve interests
GBP(000) GBP(000) GBP(000) GBP(000) GBP(000) GBP(000) GBP(000)
--------------------------- ----------- --------- ------------- -------------- ---------- ------------ --------------
At 30 September 2021 808 157 329 1,662 48,213 1,562 52,731
Exchange differences
on
translation of foreign
operations - - - 3,403 - 160 3,563
Actuarial gains/(losses)
on defined benefit
pension
scheme - - - - 1,887 - 1,887
Deferred tax effect - - - - (472) - (472)
Tax on items taken
directly
to equity - - - - 200 - 200
Dividends paid - - - - (1,152) (342) (1,494)
Profit for the year - - - - 4,849 269 5,118
At 30 September 2022 808 157 329 5,065 53,525 1,649 61,533
Share repurchase (6) - 6 - (375) - (375)
Exchange differences
on
translation of foreign
operations - - - (3,340) - (204) (3,544)
Actuarial gains/(losses)
on defined benefit
pension
scheme - - - - (1,896) - (1,896)
Deferred tax effect - - - - 474 - 474
Tax on items taken
directly
to equity - - - - 348 - 348
Dividends paid - - - - (1,197) (148) (1,345)
Profit for the year - - - - 5,037 85 5,122
At 30 September 2023 802 157 335 1,725 55,916 1,382 60,317
--------------------------- ----------- --------- ------------- -------------- ---------- ------------ --------------
Consolidated cash flow statement
For the year ended 30 September 2023
-----------------------------------------------------------------------
continuing operations 2023 2022
GBP(000) GBP(000)
-------------------------------------------- ---------- ----------
Cash flows from operating activities
Operating profit 7,750 7,296
Depreciation, amortisation and impairments 1,090 1,050
Right-of-use asset depreciation 605 509
Contributions to pension scheme, net
of administration fee & GMP equalisation
costs (1,634) (1,137)
Exchange adjustments (878) 738
(Profit)/loss on disposal of property,
plant and equipment (4) (13)
----------------------------------------------- ---------- ----------
6,929 8,443
(Increase)/decrease in inventories (406) (1,334)
(Increase)/decrease in trade and other
receivables 2,136 (2,310)
Increase/(decrease) in trade and other
payables (884) 212
Increase/(decrease) in provisions (186) 1
----------------------------------------------- ---------- ----------
Cash generated from operations 7,589 5,012
Interest paid (1) (1)
Tax paid (1,218) (1,712)
Interest and tax paid (1,219) (1,713)
----------------------------------------------- ---------- ----------
Net cash from operating activities 6,370 3,299
----------------------------------------------- ---------- ----------
Cash flows from investing activities
Proceeds from sale of property, plant
and equipment 67 23
Purchase of property, plant and equipment (830) (789)
Development costs capitalised (384) (5)
Interest received 494 64
----------------------------------------------- ---------- ----------
Net cash generated from/(used in)
investing activities (653) (707)
----------------------------------------------- ---------- ----------
Cash flows from financing activities
Dividends paid (1,345) (1,494)
Repayment of lease liabilities including
interest (688) (584)
Purchase of own shares (375) -
Net cash used in financing activities (2,408) (2,078)
----------------------------------------------- ---------- ----------
Net increase/(decrease) in cash and
cash equivalents 3,309 514
----------------------------------------------- ---------- ----------
Cash and cash equivalents at beginning
of year 21,764 20,463
Exchange adjustments on cash and cash
equivalents (699) 787
----------------------------------------------- ---------- ----------
Cash and cash equivalents at end
of year 24,374 21,764
----------------------------------------------- ---------- ----------
Notes
1. AGM, Results and Dividends
The profit for the year, after taxation, amounted to GBP5.1
million (2022: GBP5.1 million).
A final dividend on the Ordinary and 'A' non-voting ordinary
shares of 11.00p per share (2022: 10.25p) for the financial year
ended 30 September 2023 will be proposed at the Annual General
Meeting (AGM) to be held on 20 February 2024. If approved, this
dividend will be paid on 26 February 2024 to members on the
register at 19 January 2024. The ex-dividend date will be 18
January 2024.
An interim dividend of 4.75p per share (2022: 4.50p) was paid on
15 August 2023.
2. Earnings Per Share & Dividend Per Share
2023 2022
Weighted average number of shares No. No.
------------------------------------------ ---------- ----------
For basic and diluted earnings per share 8,065,945 8,081,398
------------------------------------------ ---------- ----------
The calculation of basic and diluted earnings per share is based
on the profit for the financial year of GBP5,036,780 and on
8,065,945 Ordinary 10p and 'A' non-voting ordinary 10p shares,
being the weighted average number of shares in issue throughout the
financial year. There are no share options issued.
2023 2022
Paid dividends per 10p Ordinary share GBP(000) GBP(000)
--------------------------------------------- --------- ---------
2022 final paid of 10.25p (2021: 9.75p) (828) (788)
2023 interim paid of 4.75p (2022: 4.50p) (369) (364)
Dividends paid - The Company (1,197) (1,152)
Dividends paid to non-controlling interests
- Dual Engraving Pty Ltd
& P&R Liftcars Pty Ltd (148) (342)
--------------------------------------------- --------- ---------
Dividends paid - The Group (1,345) (1,494)
The final proposed dividend is based on 3,309,200 Ordinary 10p
shares and 4,712,198 'A' non-voting ordinary 10p shares, being the
latest number of shares in issue. The Directors are proposing a
final dividend of 11.00p (2022: 10.25p) per share, totalling
GBP882k (2022: GBP828k). This dividend has not been accrued at the
end of the reporting period.
3. Accounting Policies
The accounting policies applied to the 2023 accounts have been
consistent with 2022 in all manners.
4. Basis Of Preparation
The financial information set out above does not constitute the
Company's statutory accounts for the years ended 30 September 2023
or 2022. Statutory accounts for 2022 have been delivered to the
Registrar of Companies. The statutory accounts for 2023 which are
prepared under IFRS as adopted by the UK will be delivered to the
Registrar of Companies following the Company's Annual General
Meeting.
The preliminary statement of results has been reviewed by and
agreed with the Company's auditor, Gravita Audit Ltd, who have
indicated that they will be giving an unqualified opinion in their
report on the statutory financial statements for 2023.
Dewhurst Group plc has prepared its consolidated and Company
financial statements in accordance with International Financial
Reporting Standards (IFRSs) as adopted by the United Kingdom. The
Group and Company financial statements have been prepared in
accordance with those parts of the Companies Act 2006 that are
applicable to companies adopting IFRS. The company is registered
and incorporated in the United Kingdom; and quoted on AIM.
It is expected that the audited Report and Accounts for the year
ended 30 September 2023 will be sent to shareholders and will also
be available on the Company's website www.dewhurst-group.com on 20
January 2024.
- Ends -
For further details please contact:
Dewhurst Group Plc Tel: +44 (0) 208 744 8200
Richard Dewhurst, Chairman
Jared Sinclair, Chief Financial Officer
Singer Capital Markets (Nominated Adviser & Sole Broker) Tel: +44 (0) 207 496 3000
Rick Thompson / James Fischer
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END
FR PPGCPPUPWGWU
(END) Dow Jones Newswires
December 21, 2023 02:00 ET (07:00 GMT)
Dewhurst (LSE:DWHT)
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Dewhurst (LSE:DWHT)
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